The number one objection that the far left has to the tax compromise is the estate tax issue. In 2009 the estate tax exemption was 3.5 million dollars . The new compromised bill raises that to 5 million dollars, which is effectively 10 million for a family if handled properly.The left has been all over the news complaining about this , but it is just posturing . The impact on the budget is minor . They want us to think that this is a sweetheart deal to a few rich people that will drive us broke.
The fact is that the total revenue from estate taxes is about 1 to 2 % of total federal revenues.Over half of of estate tax revenues come from estates over 10 million dollars. So the bottom line is that the compromise on estate taxes will have an impact on federal revenues of 12 billion dollars . Not exactly a budget buster as some would have you believe. This could easily be paid for simply by eliminating the Amtrack and corn ethanol subsidies [ about 10 billion combined ].
I say let the moderate rich keep their hard owned money.They worked hard to earn it. Get rid of things that make no sense and waste everyone's money.
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